U.S. Century Bank can provide expeditious foreign check process as well as documentary import and export documentary collections.
We can facilitate the clearing of foreign checks by utilizing:
- Cash Letter Clearing
- Foreign Check Collection: We provide foreign check collection services by direct presentment to the drawee bank for final payment. Proceeds are credited to the customer's account upon receipt of funds.
We can act as intermediaries to collect payment from the buyer in exchange for the transfer of documents that enable the holder to take possession of the goods. The procedure is easier than a documentary credit, and the bank charges are lower. Documentary Collections involve the use of a draft that requires the importer to pay the face amount either on sight (document against payment—D/P) or on a specified date in the future (document against acceptance—D/A). This product however, is not surety of payment but rather only an act of collection of funds for documents.